This recent crash of giggle has taught the market another lesson.

Many people still don't understand: the rise of a token really isn't driven by burn mechanisms, deflationary models, or so-called "economic flywheels."

To put it bluntly, every cycle in the crypto market is driven by just two words—expectation.

Expectations ignite sentiment, sentiment attracts capital, and capital is the real reason prices go up. That's why experienced traders always say, "Buy the rumor, sell the news."

Relying on the "flywheel" to run automatically? That's no different from believing a perpetual motion machine can be built—it's just wishful thinking.

As for those flashy narratives and bullish news? Don't take them too seriously. They're just tools—catalysts to stir up sentiment and guide the flow of capital.

What you really need to watch is always market sentiment and capital movement. Everything else? Just supporting roles.